Lineage Inc

LINE

Market cap $9.25B

Lineage, Inc. (LINE) Q4 2025 Earnings Call Transcript

Although the revenue and EPS for Lineage, Inc. (LINE) give a sense of how its business performed in the quarter ended December 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Lineage, Inc. (LINE) came out with quarterly funds from operations (FFO) of $0.83 per share, beating the Zacks Consensus Estimate of $0.73 per share. This compares to FFO of $0.83 per share a year ago.

NOVI, Mich.--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced its financial results for the fourth quarter and full year of 2025. Fourth-Quarter 2025 Financial Highlights Total revenue decreased (0.2)% to $1,336 million GAAP net income of $6 million, or $0.03 per diluted common share Adjusted EBITDA decreased (2.4)% to $327 million; adjusted EBITDA margin decreased (50)bps to 24.5% AFFO increased 0.5.

Besides Wall Street's top-and-bottom-line estimates for Lineage, Inc. (LINE), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended December 2025.

REITs are positioned for robust growth in 2026, driven by decelerating supply, disciplined capital allocation, and significant valuation discounts to NAV and private markets. Sector preferences favor Healthcare and Data Centers for durable growth, with Shopping Centers and select Residential REITs offering underappreciated upside and private capital interest. Strategic alternatives, buybacks, and targeted M&A are increasingly in focus, especially for deeply discounted names like CSR, WSR, COLD, and REXR.

NOVI, Mich.--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE) (the "Company"), the world's largest global temperature-controlled warehouse REIT, today announced the tax treatment of its 2025 distributions. The tax treatment of distributions per share of the Company common stock (CUSIP 53566V106) will be reported on the Form 1099-DIV as follows: Record Date Payable Date Cash Distribution Ordinary Dividend   Return of Capital Qualified Dividend*   Section 199A Dividend*   12/31/2024 01/21/2025 $0.52.

NOVI, Mich.--(BUSINESS WIRE)--Lineage, Inc. (NASDAQ: LINE), announced that it will report its financial results for the fourth quarter and full year of 2025 on Wednesday, February 25, 2026, before market open. A conference call to discuss these results has been scheduled for 8:00 a.m. Eastern Time on Wednesday, February 25, 2026. A live webcast of the call will be available on the Lineage Investor Relations website at ir.onelineage.com. An audio replay of the conference call will be available f.

Lineage (LINE) stands out as the cold storage industry leader, leveraging proprietary technology and geographic diversification to drive structural cost advantages over peers. LINE's LinOS platform is a significant competitive advantage, expected to boost margins and productivity, though rollout delays present near-term execution risk. Industry oversupply is being absorbed, with demand now outpacing new supply; LINE's 6% dividend yield is well covered and supported by a conservative payout ratio.

Lineage is reiterated as a buy, trading at a significant discount to NAV and intrinsic value estimates, with strong recovery potential. LINE offers a ~6.1% dividend yield at a sustainable ~64% payout ratio, with plenty of room for increases or buybacks. Despite macro headwinds and lowered guidance, LINE continues to expand, leveraging its scale for future accretive growth and even industry consolidation.